Publication of the ProspectusSource: RNS
Draper Esprit plc: Publication of the Prospectus, cancellation of trading on AIM and Euronext Growth and Admission to trading on the Main Markets.New Board Director appointment
Draper Esprit plc (dual listed, AIM: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, is pleased to announce the publication of a prospectus (the "Prospectus") today in connection with the listing of its ordinary shares of £0.01 each (the "Ordinary Shares") on the premium listing segment of the Official List of the Financial Conduct Authority and the secondary listing segment of the official list of the Irish Stock Exchange plc, trading as Euronext Dublin ("Euronext Dublin") (the "Official Lists") and to trading on the London Stock Exchange plc's (the "London Stock Exchange") main market for listed securities and the regulated market of Euronext Dublin (the "Main Markets") (together "Admission").
It is expected that Admission will become effective, and that unconditional dealings in the Ordinary Shares on the Main Markets will commence at 8.00 a.m. on 23 July 2021. Shortly before Admission, the trading of the Ordinary Shares on the AIM market of the London Stock Exchange ("AIM") and the Euronext Growth market will be cancelled.
Admission will be through an introduction of the existing Ordinary Shares. The Company is not offering any new Ordinary Shares nor any other securities in connection with the proposed Admission or the publication of the Prospectus. Following Admission, the Company's Ordinary Shares will continue to be registered with their existing ISIN number GB00BY7QYJ50. The Company's ticker symbol in the UK will continue to be GROW and in Ireland will continue to be GRW. On Admission, there will be 152,999,853 Ordinary Shares in issue.
The Prospectus has been approved by the Financial Conduct Authority and the Central Bank of Ireland and is available for inspection on the Company's website at www.draperesprit.com. Copies of the Prospectus will also be available, on request, in printed form at the Company's registered office, 20 Garrick Street, London, United Kingdom, WC2E 9BT.
The Company's existing shareholders should consult their own tax advisers as to the tax implications of the Company's proposed move to the Main Markets.
The Company is also pleased to announce that, conditional upon and with effect from Admission, Gervaise Slowey will join the Board as a non-executive director.
Gervaise Slowey is a non-executive director with a background in senior management, international business, marketing and media. She serves as a non-executive director on the boards of Wells Fargo Bank International ("WFBI"), Ulster Bank Ireland DAC, Eason PLC (Ireland's largest book retailer) and the Institute of Directors in Ireland. She also chairs the Performance and Remuneration Committee for Ulster Bank Ireland, and the Nomination Committee for WFBI. Gervaise was CEO of Communicorp Group (now Bauer), Ireland's largest independent radio group for four years to the end of 2016. Prior to that Gervaise held senior roles in Ogilvy Worldwide for 16 years, most recently Global Client Director. Gervaise has also served on the boards of the International Rice Research Institute, a global organisation dedicated to abolishing poverty and hunger among those dependent on rice, and the Institute for International and European Affairs (IIEA). Gervaise is a Chartered Company Director (Institute of Directors), a Certified Bank Director (Institute of Bankers), and a Dublin City University Business Studies graduate (BBS). She is particularly interested in sustainability and recently completed the Sustainability Leadership Program at Cambridge University.
Karen Slatford, Chair of Draper Esprit commented:
"Our move to the Main Market signifies the next leap forward for Draper Esprit and we are pleased to welcome Gervaise to the Board as we continue our journey towards becoming Europe's leading venture capital investor. Her considerable experience, which spans a wide range of roles and companies, will be invaluable in providing diversity of thought to the Board and her appointment will help ensure a robust corporate governance structure is in place in support of the company's continued growth."
There are no further details to disclose for Gervaise Slowey under Listing Rule 9.6.13 and she does not currently hold any Ordinary Shares.
Draper Esprit plc
Martin Davis (Chief Executive Officer)
Ben Wilkinson (Chief Financial Officer)
+44 (0)20 7931 8800
Nominated Adviser & Joint Broker
+44 (0)20 7260 1000
Euronext Growth Adviser & Joint Broker
+44 (0) 20 3841 6202
+44 (0)7970 246 725 /
+44 (0)7713 246 126
About Draper Esprit
Draper Esprit is one of the most active venture capital firms in Europe, investing in disruptive, high growth technology companies. We believe the best entrepreneurs in Europe are capable of building the global businesses of the future. We fuel their growth with long-term capital, access to international networks and decades of experience building businesses.
Currently, Draper Esprit is a shareholder in a diverse portfolio of 71 companies with 17 of those part of our core portfolio which accounts for over 60% of our holdings. Our core companies include UiPath, Aircall, Graphcore and Revolut. We invest across four sectors: Consumer Technology, Enterprise Technology, Hardware and Deeptech, and Digital Health and Wellness, with highly experienced partners constantly looking for new opportunities in each. We look for high-growth companies with strong IP, powerful technology, and the management teams to deliver success. They operate in new markets, with serious potential for global expansion. We also look for businesses with the potential to generate strong margins to ensure rapid, sustainable growth in substantial addressable markets.
Draper Esprit provides an opportunity for public market investors to access these fast-growing tech businesses, without having to commit to long term investments with limited liquidity. Since IPO in June 2016, we have deployed circa £550m+ capital into fast growing technology companies and have realised over £300m. In June 2021 we raised gross proceeds of circa £111m to help us capitalise on a European VC market which is expanding rapidly but is still less than one quarter of the combined size of the US and European market by value. It will also allow us to capitalise on the transition to a digital future that has been given added impetus over the past year.
For more information, go to https://draperesprit.com/